Cairo, February 20, 2024, Today in Cairo, the Egyptian government, represented by the Arab Organization for Industrialization (AOI), formalized a memorandum of understanding (MoU) with a Saudi-Egyptian consortium comprising Alupco "Olayan Group," Okta International, and City Edge Developments. The signing ceremony solidified the alliance's commitment to provide logistical support for real estate development projects in the Kingdom of Saudi Arabia.
The event was attended by Osama bin Ahmed Nugali, the Saudi ambassador to the Arab Republic of Egypt, AOI President Major General Eng. Abdel Rahman Abdel Azim, and Commercial Attaché Anwar bin Hasusa from the embassy. Following the signing, Ambassador Naqli expressed the Kingdom's enthusiastic endorsement of initiatives aimed at bolstering bilateral cooperation. He underscored the significance of expanding investment opportunities for Egyptian firms and fostering knowledge exchange and synergy between the two nations, mutually benefiting both.
Eng. Abdel Azim conveyed his gratitude for the collaboration between the Saudi-Egyptian consortium, emphasizing his commitment to further strengthening this partnership through diverse investment ventures. These initiatives, he noted, would not only create substantial employment prospects but also attract considerable investments.
The primary objective of the MoU, as clarified by Eng. Abdel Azim, is to facilitate logistical support for real estate development endeavors in the Kingdom of Saudi Arabia. The consortium aims to undertake projects valued at approximately $1 billion in the near term, signaling a significant stride toward advancing bilateral economic cooperation between the two countries.
